The Three-Horse Race
According to the Ho Chi Minh City People’s Committee Office, numerous real estate companies have expressed interest in bidding for 3,790 resettlement apartments in the Thu Thiem New Urban Area.
Specifically, SonKim Land (Son Kim Real Estate Joint Stock Company) has submitted its bid to acquire all 3,790 apartments across lots R1, R2, R3, R4, and R5 in An Khanh Ward, Ho Chi Minh City, along with a development and exploitation plan for the project.
Overview of the 3,790 resettlement apartments in Thu Thiem New Urban Area.
Additionally, a consortium comprising Sunshine Group Joint Stock Company and DIA Investment Joint Stock Company has also submitted its bid for the same number of apartments. Similarly, Bcons Land (Bcons Real Estate Joint Stock Company) has formally expressed interest in the auction to the Ho Chi Minh City People’s Committee.
Previously, on August 19, the Ho Chi Minh City People’s Committee issued Decision 738/QĐ-UBND, outlining the plan to auction 3,790 apartments in lots R1, R2, R3, R4, and R5 within the Thu Thiem New Urban Area. Lots R1, R2, and R3 include 2,220 apartments, while lots R4 and R5 comprise 1,570 apartments, all designated for commercial housing purposes.
The Ho Chi Minh City People’s Committee has tasked the Department of Agriculture and Environment with overseeing the auction process, in collaboration with relevant departments, agencies, and the An Khanh Ward People’s Committee.
The Binh Khanh Resettlement Area, spanning 38.4 hectares, is part of the 12,500-unit program for Thu Thiem Urban Area resettlement, completed in 2015. After constructing approximately 8,500 units, Ho Chi Minh City retained 2,924 units for resettlement and approved the auction of 3,790 units out of the remaining 5,626 to recover state capital.
The asset auction decision for these five apartment lots took effect on September 18 and will remain valid until March 15, 2026, with a maximum duration of six months from the issuance date. The auction also includes accompanying technical infrastructure, social infrastructure, and public utility services. The Ho Chi Minh City Department of Agriculture and Environment is responsible for organizing the asset sale.
Four Failed Attempts
Ho Chi Minh City first attempted to auction these 3,790 resettlement apartments in 2017, with a starting price of 8.8 trillion VND. In February 2018, the city held a second auction, conducted by the Ho Chi Minh City Asset Auction Service Center (under the Department of Justice), with a starting price exceeding 9.1 trillion VND. At that time, the auction failed due to a lack of buyers.
This marks the fifth time Ho Chi Minh City has attempted to auction the 3,790 resettlement apartments in Thu Thiem New Urban Area.
In June 2021, the city again attempted to auction these apartments, priced at 9.9 trillion VND. The units were divided into two packages: the first included 1,570 apartments in lots R4 and R5, and the second included 2,220 apartments in lots R1, R2, and R3. Given the high value of the packages, the target bidders were real estate companies. The fourth auction attempt in 2023 also failed.
According to several real estate companies, the primary reason for the repeated auction failures is the financial burden. This has deterred potential bidders from participating.
Under the regulations, participating companies must deposit 20% of the starting price. If successful, the winning bidder must pay 50% of the auction value within one month and the remaining 50% within 90 days.
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